CMS Energy (CMS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

CMS Energy

NYSE•Utilities•Utilities - Regulated Electric

$67.15-0.53(-0.01%)Market closed

Market Cap

$20.54B

P/E

20.0x

P/S

2.4x

P/B

2.1x

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

How this company scores

AverageMetricSide Score: 43/100

Strongest: Growth (17/25); weakest: Cash & Earnings Quality (4/25).

Profitability15/25

Growth17/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality4/25

Strengths

Strong marginsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.0x5y range 13.3x – 25.9x

Currently near its 20-quarter median.

P/S · 2.4x5y range 2.0x – 3.0x

Currently near its 20-quarter median.

P/B · 2.1x5y range 2.1x – 3.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 5.5% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $20.54B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $8.59B
Q. Revenue: $1.81B
TTM EBITDA: $3.02B
TTM Op. Income: $1.67B
Q. Op. Income: $264.00M
TTM Net Income: $1.03B
Q. Net Income: $120.00M
EPS: $0.38
Shares Out.: $310.20M

$8.59B in TTM revenue grew 10.2% YoY, reaching $1.81B last quarter. TTM EBITDA of $3.02B and TTM operating income of $1.67B show growth is flowing through to the bottom line. TTM net income of $1.03B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 31.6%
Op. Margin: 14.6%
Net Margin: 6.6%

Op. margin of 14.6% is down 3.0% YoY — costs are rising relative to revenue. Net margin at 6.6% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.0x
P/S Ratio: 2.4x
P/B Ratio: 2.1x

At 20.0x P/E, the stock trades within typical market levels. P/S of 2.4x and P/B of 2.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 1% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $40.91B
Cash: $241.00M
Long-Term Debt: $18.17B
Book Value: $9.77B
D/E Ratio: 1.9
Debt/EBITDA: 31.8

With $40.91B in assets and $18.17B in long-term debt, D/E is 1.9and book value is $9.77B — moderate leverage. Over the past year, debt/equity is down 7% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $622.00M
TTM Free Cash Flow: $-836.00M
FCF Margin: -9.7%
FCF / Net Income: -0.8

TTM FCF of $-836.00M on $622.00M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 340% — an improving trend.